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I am 70 years old and live off state retirement and social security. I want to sell some land but am worried about having to pay capital gains taxes. The land is family land so I never had to buy it. Do I still have to pay capital gains taxes if I sell some of it?
ANSWER
Expert Mark Anderson's Answer:
Yes. If you sell the land you will need pay capital gains taxes. You might want to consider an 1031 exchange into income producing property. I hope this answers your question. Thank you.
